RE:Private placementWe were told the shares were bought by long term shareholders. I don't think they are selling now, if they were existing shareholders at the time of the PP they have a lot of share that were not locked up. They probably took advantage of the 0.80 - 1.00 price range to sell knowing they have the 30 cent shares from the PP.
In my opinion the selling pressure is caused by others who are afraid of the selling pressure, not the buyers of the PP. I could be wrong but that's what I would have done if I had bought 30 cent shares and wanted to take my initial investment off the table.
Matteo